After an owner makes heads or tails at the end of the year, they will usually determine whether or not enough money is left over to set up some sort of long term retirement plan within their business. Since there are so many people setting up individual LLC’s and home based side businesses, it’s important…

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Let’s face the facts. Most small business owners are downright lousy when it comes to keeping high quality records of their meals and entertainment expenses. The only thing most are sure of is that they would like to deduct every trip to Starbucks, every lunch at Taco Mac, and every dinner they ate on their…

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One of the questions I will ask a business owner in my interview process is, “Do you have a business will?” By this line of questioning, I am simply asking what happens to the business if you die. Some businesses have one or multiple partners, and others businesses are owned by a single individual. Far…

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Recently, the Wall Street Journal ran a tremendously powerful article about how bonds have outperformed stocks since 12/31/1999. Over long periods of time, historically stocks are more volatile than bonds but also outperform bonds over the long term. The question is will this trend continue this century? Since 2000, investors have turned to adding an…

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You would think because I’ve been doing financial planning for 25 years that I would be a flat out 100% advocate for 401(k) plans. With the ability today to put away money on a pre-tax basis in your 401(k) or now the use of a Roth 401(k) there are many different ways to save for…

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Most of you who earned your first 1099 will likely file Schedule C (sole proprietor) with your first year of income. Some of you may have set up an LLC, but are still uncertain how exactly money gets from the check that got deposited in your bank account to the IRS for federal taxes and…

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People start a business for all kinds of different reasons. Some people do it because they are fulfilling a lifelong passion to create a new product or service. Others see a new business as a getaway from the grit and grind of corporate America to become their own boss. Still more see a business as…

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6_Tax_Red_Flags_That_Could_Get_You_Audited_BOTY_2014

Nobody wants to be audited. But about 1 in 150 of us will experience some type of audit in our lifetime. That’s the bad news. The good news is that if you avoid these six potential red flags, you may be able reduce your chances of getting the dreaded audit notice in the future. 1.…

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So_You_Are_a_1099_Now_What_Tax_Startup

You have decided to leave your employer and make a go at a consulting business on your own. Perhaps you were a stay at home mom and now the kids are in school and you opened up a small interior design business from your home. Or, you are the recent graduate of an arts and…

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